Set off

This query is : Resolved

Meekha (Querist)
Follow

12 June 2009 Sir, can anyone please tell me is it possible to set off loss from PGBP with royalty and Lottery income? Can loss from PGBP, HP, Salary be sett off against Casual incomes? Please help. In one particular sum they have not sett offed loss from PGBP, though Royalty and Lottery incomes are there can you please tell me why??

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

12 June 2009 It must have been speculation loss from business so it has not been set off against royalty otherwise generally it can be set off against royalty but not lottery winnings.

Meekha

Meekha (Querist)
Follow

12 June 2009 Thank you mam. So Casual incomes are not to be used for setting off losses from any other sources. Is it not mam?

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

13 June 2009 Yes.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASHOK B GONDKAR

Nithish Kothari

Ashish Agrawal

BABUSHANKAR BASAPPA

Nilesh Manek

Subscribe Now

Set off

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

Article Assistant

GST CONSULTANCY